One of the most divisive and emotional issues in British politics has been the relationship between the United Kingdom (UK) and the European Union (EU). Britain is known as an island nation, which is the key to its lengthy attitude towards Europe. For many years, the country has lived in splendid isolation, which negatively impacts the British people who do not want any ties with the continent. Britain is motivated for voting to leave the EU because they consider it not a free-trade area but a customs union. Although the difference may seem technical, Britain remains motivated to exit the EU because a free-trade area plays a significant role in removing barriers between member states. However, being a customs union, it would erect a common tariff wall around its member states, which will limit the right to conduct individual trade deals.
The Brexit issue entails taking out the UK from the EU’s single market and customs union; thus the exits will allow Britain to forge its trade policy. Therefore, Brexit is compatible with the economic theory on free trade because the EU often imposes common tariffs on all the imports from the non-EU nations; thus trade freely with each other without imposing border checks. Importantly, member countries belonging to the EU often benefit automatically from the trade deals that the union strikes with other states but limits the countries from setting their tariffs. In theory, countries operating inside the bloc can sell their products and services freely anywhere in the EU. Presently, striking trade deals often refers to dealing with standards such as tariffs. This makes Brexit compatible with the economic theory on free trade because sticking to the EU goods regulations; the country might find difficulties when it comes to striking agreements with other countries.
In a historic referendum, the British people have voted to leave the European Union, which presents winners and losers after the deal. The greatest winners are the Southern European Eurozone members because they share a common currency but do not share a universal tax system. Without Britain, the countries will be set on a more rapid course of taking deeper forms of fiscal integration because of the integrated welfare state as a big project. The British economy will experience the most significant impact after the exit deal is concluded. This is because the vote to leave the EU will result to a period of disruption and uncertainty, especially when it comes to dealing with the foreign direct investment that will make most investors to take a break to foresee the long-term situation after the exit. The second losers will be Nordics and Eastern Europe because of the UK id the most significant country in this loose-union block; thus it exit will weaken the ever close union of the block.
Although British people have voted to exit the EU, several UK leaders have called to a second Brexit referendum to try and reverse the first vote. Britain should, therefore, put into law by the government by allowing members of parliament to vote for it. I believe the Labor leader Jeremy Corbyn should push the dozens of Labor MPS and the smaller number of Conservatives to vote for it because they currently do not have the required numbers. Despite being a major challenge, I believe Mr. Corbyn should explore other options such as toppling the government and forcing a general election. However, Brexit could be delayed if the EU agrees to extend Article 50 through the cooperation of leaders, but it will only last for a few months. I believe there is no turning back and the point of having a new deal between the EU and the UK is to ensure a smooth exit process for individuals and their businesses.